Glenmark Pharmaceuticals reported a 76.1% YoY increase in consolidated revenue, reaching Rs. 60,469 Mn for Q2 FY26. This surge was primarily driven by the AbbVie partnership and strong performance in North America (503% growth). While India faced temporary GST-related impacts, the company anticipates normalized growth in Q3 FY26, with consolidated EBITDA margins expected to reach ~23% in H2 FY26.
Financial Performance in Q2 FY26
Glenmark Pharmaceuticals announced a consolidated revenue of Rs. 60,469 Mn for Q2 FY26, marking a significant 76.1% year-over-year (YoY) growth. The company’s performance was significantly boosted by the AbbVie partnership for ISB 2001.
Regional Performance Highlights
Key regional highlights from the Q2 FY26 report include:
- North America: Experienced substantial growth of 503.0%, with revenue reaching Rs. 44,656 Mn.
- Europe: Demonstrated a growth of 8.5%, contributing Rs. 7,460 Mn in revenue.
- India: Faced a temporary impact due to GST regime changes, leading to a revenue of Rs. 1,650 Mn. The company expects growth to normalize from Q3 FY26.
- Emerging Markets: Recorded revenue of Rs. 6,585 Mn.
IGI and AbbVie Collaboration
The partnership with AbbVie for IGI’s ISB 2001 remains a critical element. Glenmark received an upfront payment of US$700 million. This is being recognized as revenue based on a matching principle. Glenmark’s consolidated EBITDA margins are projected to increase to approximately 23% starting in the second half of FY26.
Strategic Initiatives and Outlook
Glenmark is focusing on operational excellence to enhance return ratios. This includes a one-time provision for current assets, debtors, and inventories, as well as discontinuing high-cost pre-collections. The company is aiming to reduce gross debt to zero. Glenmark anticipates revenue of over Rs. 80,000 million and EBITDA margins of approximately 23% for H2 FY26.
Product Portfolio Update
Glenmark continues to advance its innovative and specialty portfolio. Key products include:
- RYALTRIS: Marketing applications submitted in over 90 countries, with commercialization in 49 markets.
- WINLEVI: Launched in the UK, with expected approvals in other European markets.
- QİNHAYO™ (ENVAFOLIMAB): Marketing Authorization Applications filed in 14 markets.
- TRASTUZUMAB REZETECAN: Glenmark gained rights to develop and commercialize this product in several Emerging Markets.
Source: BSE